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Growth Opportunities Fund (Class Y)  (PGOYX)

Seeking to harness the growth potential of large U.S. companies

Growth Opportunities Fund received an  Overall Morningstar Rating  of  

Highlights

Objective

The fund seeks capital appreciation.

Strategy and process

  • Seeks above-average growth: The fund focuses on businesses that exhibit both a high level of growth and an above-average duration of growth.
  • A thematic approach: The portfolio managers combine top-down investment themes with bottom-up research to select securities that can benefit from growth trends.
  • Rigorous analysis: Backed by fundamental research, the managers focus on identifying management teams that act like owners.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $38.96
0.65% | $0.25
$39.32
10/01/18
$28.94
12/24/18
Historical fund price

Fund facts as of 05/31/19

Total net assets
$5,408.20M
Turnover (fiscal year end)
73%
Dividend frequency
Annually
Number of holdings
56
Fiscal year-end
July
CUSIP / Fund code
746802586 / 1848
Inception date
07/01/99
Class Y  
Category
Growth
Open to new investors
Ticker
PGOYX

Management team

Portfolio Manager
Portfolio Manager, Analyst


Manager commentary | Q1 2019

Thematic strategy weathers market swings

Portfolio Manager Richard Bodzy discusses his investment strategy, which combines fundamental research and multi-year themes.



Performance

  • Total return (%) as of 03/31/19

  • Annual performance as of 03/31/19

Annualized Total return (%) as of 03/31/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 16.40% 19.63% 13.83% 17.88%
After sales charge N/A N/A N/A N/A
Russell 1000 Growth Index 12.75%16.53%13.50%17.52%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund, respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 05/31/19 -4.45% -
YTD as of 06/18/19 24.35% -

Risk-adjusted performance as of 05/31/19

Alpha (3 yrs.) 3.61
Sharpe ratio (3 yrs.) 1.35
Treynor ratio (3 yrs.) 17.74
Information ratio (3 yrs.) 1.32

Volatility as of 05/31/19

Standard deviation (3 yrs.) 12.90%
Beta 0.98
R-squared 0.96

Capture ratio as of 05/31/19

Up-market (3 yrs.) 108.33
Down-market (3 yrs.) 92.95

Lipper rankings as of 05/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 44/661 7%
3 yrs. 30/594 6%
5 yrs. 75/537 14%
10 yrs. 36/413 9%
Lipper category: Large-Cap Growth Funds

Morningstar Ratings as of 05/31/19

Time period Funds in category Morningstar Rating
Overall 1229
3 yrs. 1229
5 yrs. 1097
10 yrs. 811
Morningstar category: Large Growth

Distributions

Record/Ex dividend date 12/06/18
Payable date 12/10/18
Income $0.09
Extra income --
Short-term cap. gain --
Long-term cap. gain $2.376

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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Holdings

Top 10 holdings as of 05/31/19

Microsoft Corp 8.54%
Alphabet 5.94%
Amazon.Com 5.72%
Apple 4.54%
Visa 4.07%
Paypal Holdings 3.37%
UnitedHealth Group 3.33%
Mastercard 2.73%
American Tower Corp 2.46%
Salesforce.Com 2.45%
Top 10 holdings, percent of portfolio 43.15%

Full portfolio holdings as of 03/31/19

MICROSOFT CORP 8.16%
ALPHABET INC-CL C 6.41%
APPLE INC 5.53%
AMAZON.COM INC 4.60%
VISA INC-CLASS A SHARES 4.00%
PAYPAL HOLDINGS INC 3.17%
UNITEDHEALTH GROUP INC 3.01%
SALESFORCE.COM INC 2.60%
AMERICAN TOWER CORP 2.36%
DANAHER CORP 2.24%
LINDE PLC 2.24%
HOME DEPOT INC 2.11%
UNION PACIFIC CORP 2.06%
CHARTER COMMUNICATIONS INC-A 1.98%
HONEYWELL INTERNATIONAL INC 1.96%
INTERCONTINENTAL EXCHANGE IN 1.88%
NIKE INC -CL B 1.84%
SHERWIN-WILLIAMS CO/THE 1.78%
ADOBE INC 1.77%
COSTAR GROUP INC 1.72%
LIVE NATION ENTERTAINMENT IN 1.66%
WORLDPAY INC-CLASS A 1.64%
BOOKING HOLDINGS INC 1.62%
MCCORMICK & CO-NON VTG SHRS 1.62%
SERVICENOW INC 1.53%
WASTE CONNECTIONS INC 1.51%
BOEING CO/THE 1.49%
FORTIVE CORP 1.43%
FACEBOOK INC-CLASS A 1.36%
IDEXX LABORATORIES INC 1.33%
METTLER-TOLEDO INTERNATIONAL 1.31%
TRANSDIGM GROUP INC 1.27%
TEXAS INSTRUMENTS INC 1.22%
INTUITIVE SURGICAL INC 1.14%
RAYTHEON COMPANY 1.11%
VERTEX PHARMACEUTICALS INC 1.11%
LULULEMON ATHLETICA INC 1.00%
LONZA GROUP AG-REG 0.96%
ROPER TECHNOLOGIES INC 0.96%
NETFLIX INC 0.93%
BIOMARIN PHARMACEUTICAL INC 0.89%
REALPAGE INC 0.87%
BECTON DICKINSON AND CO 0.84%
DOCUSIGN INC 0.83%
WALMART INC 0.83%
T-MOBILE US INC 0.79%
PRUDENTIAL PLC 0.74%
OKTA INC 0.70%
ICU MEDICAL INC 0.61%
BOSTON SCIENTIFIC CORP 0.59%
UBER TECH INC P/P CV PFD 0.49%
NXP SEMICONDUCTORS NV 0.35%
OPORTUN FIN CORP P/P 0.19%
GLOBAL FASHION GRP P/P 0.04%
S&P500 EMINI FUT JUN19 ESM9 0.03%
RESIDEO TECHNOLOGIES INC 0.01%
CANADIAN DOLLAR ACCOUNT 0.00%
GBP/USD 06/19/2019 BANKAM 0.00%
HC BRILLANT SERVICES GMBH P/P 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
KOREAN WON CALL ACCOUNT 0.00%
NEURALSTEM INC SERIES K COMMON STOCK PURCHASE WARRANT 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
POUND STERLING CALL ACCOUNT -0.14%

Prior top 10 holdings

Top 10 holdings as of 05/31/19
Microsoft Corp
Alphabet
Amazon.Com
Apple
Visa
Paypal Holdings
UnitedHealth Group
Mastercard
American Tower Corp
Salesforce.Com
Holdings represent 43.15% of portfolio
Top 10 holdings as of 04/30/19
Microsoft Corp
Alphabet
Apple
Amazon.Com
Visa
Paypal Holdings
UnitedHealth Group
Salesforce.Com
American Tower Corp
Linde
Holdings represent 42.44% of portfolio
Top 10 holdings as of 03/31/19
Microsoft Corp
Alphabet
Apple
Amazon.Com
Visa
Paypal Holdings
UnitedHealth Group
Salesforce.Com
American Tower Corp
Linde
Holdings represent 42.08% of portfolio
Top 10 holdings as of 02/28/19
Microsoft Corp
Alphabet
Apple
Amazon.Com
Visa
Boeing The
Paypal Holdings
UnitedHealth Group
Salesforce.Com
American Tower Corp
Holdings represent 41.51% of portfolio

Portfolio composition as of 05/31/19

Common stock 98.80%
Cash and net other assets 0.84%
Convertible preferred stock 0.36%

Equity statistics as of 05/31/19

Median market cap $47.47B
Weighted average market cap $301.46B
Price to book 7.15
Price to earnings 26.36

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. You can lose money by investing in the fund.

Top industry sectors as of 05/31/19

Information technology 35.56%
Communication services 14.08%
Consumer discretionary 13.03%
Industrials 12.85%
Health care 11.64%
Materials 3.86%
Financials 3.07%
Consumer staples 2.61%
Real estate 2.46%
 
Other
0.84%
Cash and net other assets 0.84%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
Total expense ratio 0.91% 1.66% 1.66% 1.41% 1.16% 0.63% 0.53% 0.66%
What you pay 0.91% 1.66% 1.66% 1.41% 1.16% 0.63% 0.53% 0.66%

Sales charge

 Breakpoint Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
$0-$49,999 5.75% / 5.00% 0.00% / 4.00% 0.00% / 1.00% 3.50% / 3.00% -- -- -- --
$50,000-$99,999 4.50% / 3.75% 0.00% / 4.00% 0.00% / 1.00% 2.50% / 2.00% -- -- -- --
$100,000-$249,999 3.50% / 2.75% -- 0.00% / 1.00% 1.50% / 1.00% -- -- -- --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% -- -- -- --
$500,000-$999,999 2.00% / 1.75% -- 0.00% / 1.00% 1.00% / 1.00% -- -- -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- -- -- --

CDSC

  Class A (sales for $1,000,000+) Class B Class C Class M Class R Class R5 Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- -- -- --
9 to 12 mts. 1.00% 5.00% 1.00% -- -- -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- -- -- --
7+ yrs. 0.00% 0.00% 0.00% -- -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class R5 Class R6 Class Y
  0.25% 0.20%1 1.00% 0.65% 0.50% 0.00% 0.00% 0.00%
  NA 0.25%2 NA NA NA NA NA NA
  NA NA NA NA NA NA NA NA
  1. Through 03/31/90
  2. After 03/31/90

For sales and trail commission information on purchases over $1 million and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The Russell 1000 Growth Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their growth orientation. You cannot invest directly in an index.

Consider these risks before investing: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. You can lose money by investing in the fund.